Nexstar Media Group Inc (NXST) Receives a Buy from B.Riley FBR


B.Riley FBR analyst Zachary Silver reiterated a Buy rating on Nexstar Media Group Inc (NXST) today and set a price target of $139. The company’s shares closed last Monday at $101.91.

Silver said:

“Nexstar Media (NXST—Buy, $139 PT), post close on September 19, issued a press release disclosing the successful completion of its merger with Tribune Media (TRCO). As a reminder, the TRCO acquisition makes NXST the largest owner of local TV stations in the country, now reaching just under 39% of U.S. households (the maximum household reach allowed under current ownership rules). The announcement was a mere formality as the FCC had already approved the deal on September 16 (after earlier DOJ approval). But NXST’s press release did feature several significant updates including a hike to first-year synergy guidance, the introduction of 2019/2020 PF FCF guidance, and disclosure of the financial impact from the two-month retrans dispute with and August.”

According to TipRanks.com, Silver is a 3-star analyst with an average return of 1.6% and a 53.1% success rate. Silver covers the Services sector, focusing on stocks such as Liberty Media Corporation Series C Liberty Formula One, Entercom Communications, and Sirius XM Holdings Inc.

Currently, the analyst consensus on Nexstar Media Group Inc is a Strong Buy with an average price target of $135.

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The company has a one-year high of $119.93 and a one-year low of $70.09. Currently, Nexstar Media Group Inc has an average volume of 575.8K.

Based on the recent corporate insider activity of 63 insiders, corporate insider sentiment is negative on the stock. This means that over the past quarter there has been an increase of insiders selling their shares of NXST in relation to earlier this year.

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Nexstar Media Group, Inc. operates as a television broadcasting and digital media company. It focuses on the acquisition, development and operation of television stations and interactive community websites and digital media services in the U.S. The company provides services free over-the-air programming which includes programs produced by networks with which the stations are affiliated; programs that the stations produce; and first-run and rerun syndicated programs that the stations acquire. It also provides digital publishing and content management platforms to media publishers and advertisers. Nexstar Media Group was founded by Perry A. Sook in 1996 and is headquartered in Irving, TX.

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